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corporate watch

May 07, 2019

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Lakson to cede 21pc shares in Colgate

KARACHI: The Lakson Group would cede 21 per cent shares of Colgate-Palmolive Pakistan in favour of the global parent company Colgate-Palmolive, which would make the latter a 51pc holder in the shares of former.

The information was conveyed by the Colgate-Palmolive Pakistan stating that a letter was received by them from Citibank NA Pakistan on behalf of Colgate-Palmolive, dated May 6, 2019, informing of the proposed acquisition. The deal was subject to grant of regulatory and corporate approvals.— Equities Correspondent


Morgan Stanley to shut Russian business

MOSCOW: Morgan Stanley is planning to send a formal notice to the Russian central bank that it will close down its banking operations in the country in the first quarter of 2020, its Russian unit said in its annual report.

Morgan Stanley announced late last year that it was planning a voluntary shutdown of its banking business in Russia.

The Wall Street bank’s Russian subsidiary said in the report that U S and European Union sanctions imposed since 2014 had made it hard for Russian businesses to access international capital markets.

“(The) impact of changes in the economy on the future results of the bank’s business and its financial condition may turn out to be significant,” the report said.

Morgan Stanley will keep a consulting business in Russia, which would not require a licence, according to the report. —Reuters


Telenor, Axiata to merge Asian business

OSLO: Norwegian telecom operator Telenor said Monday it has entered into talks with Malaysian telecoms group Axiata about a potential merger of the companies’ Asian operations.

The deal would see the two companies combine their telecom and infrastructure assets into a new company, of which Telenor would own 56.5 per cent and Axiata the remaining 43.5pc, Telenor said in a statement, adding that these figures were subject to change.

According to Telenor, which operates in the Nordic nations as well as Eastern Europe and Asia, the combined businesses would have close 300 million customers in nine different countries, making it one of the largest mobile infrastructure companies operating in Asia.

Telenor said it wants the new company to take an “active role in accelerating technology transformation and digitalisation” across Asia.

Published in Dawn, May 7th, 2019